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Fino Payments Bank IPO is a book built issue of Rs 1,200.29 crores. The issue comprises of fresh issue of Rs 300.00 crore and offer for sale of 1.56 crore shares.
Fino Payments Bank IPO bidding started from October 29, 2021 and ended on November 2, 2021. The allotment for Fino Payments Bank IPO was finalized on Tuesday, November 9, 2021. The shares got listed on BSE, NSE on November 12, 2021.
Fino Payments Bank IPO price band is set at ₹560 to ₹577 per share. The minimum lot size for an application is 25 Shares. The minimum amount of investment required by retail investors is ₹14,425.
Axis Capital Limited, Clsa India Private Limited, ICICI Securities Limited and Nomura Financial Advisory And Securities (India) Pvt Ltd are the book running lead managers of the Fino Payments Bank IPO, while Kfin Technologies Limited is the registrar for the issue.
Refer to Fino Payments Bank IPO RHP for detailed information.
| IPO Date | October 29, 2021 to November 2, 2021 |
| Listing Date | November 12, 2021 |
| Face Value | ₹10 per share |
| Price Band | ₹560 to ₹577 per share |
| Lot Size | 25 Shares |
| Total Issue Size | [.] shares (aggregating up to ₹1,200.29 Cr) |
| Fresh Issue | [.] shares (aggregating up to ₹300.00 Cr) |
| Offer for Sale | 15,602,999 shares of ₹10 (aggregating up to ₹900.29 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 78,014,996 |
| Share holding post issue | 83,214,302 |
Fino Payments Bank IPO offers 11,464,664 shares. 6,225,094 (54.30%) to QIB, 3,112,546 (27.15%) to NII, 2,075,031 (18.10%) to RII, 51,993 (0.45%) to employees. 83,001 RIIs will receive minimum 25 shares and (sNII) and (bNII) will receive minimum 350 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | - | NA |
| QIB Shares Offered | 6,225,094 (54.30%) | NA |
| NII (HNI) Shares Offered | 3,112,546 (27.15%) | |
| Retail Shares Offered | 2,075,031 (18.10%) | 83,001 |
| Employee Shares Offered | 51,993 (0.45%) | NA |
| Total Shares Offered | 11,464,664 (100%) |
Fino Payments Bank IPO opens on October 29, 2021, and closes on November 2, 2021.
| IPO Open Date | Friday, October 29, 2021 |
| IPO Close Date | Tuesday, November 2, 2021 |
| Basis of Allotment | Tuesday, November 9, 2021 |
| Initiation of Refunds | Wednesday, November 10, 2021 |
| Credit of Shares to Demat | Thursday, November 11, 2021 |
| Listing Date | Friday, November 12, 2021 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 2, 2021 |
Investors can bid for a minimum of 25 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 25 | ₹14,425 |
| Retail (Max) | 13 | 325 | ₹187,525 |
| Lot Size Calculator | |||
Fino PayTech Limited is the company promoters.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 75% |
Incorporated in 2017, Fino Payments is a growing fintech company offering a wide portfolio of digital financial products and services in India. The company has a pan-India distribution network and its' major products and services includes:
• Current accounts and Savings accounts (CASA),
• Issuance of debit card and related transactions,
• Facilitating domestic remittances,
• Open banking functionality (through their Application Programming Interface),
• Withdrawing and depositing cash (via micro-ATM or Aadhaar Enabled Payment System (AePS) and
• Cash Management Services (CMS).
The company's merchants facilitate them in cross-selling their other financial products and services such as third-party gold loans, insurance, bill payments and recharges. Fino Payments also manages a large BC (Business Correspondents) network on behalf of other banks.
For revenue generation, the company relies on fees and commissions from their merchant network and strategic commercial relationships. The company is looking to target a population of India which has low levels of financial literacy and technology use and typically does not have access to even basic banking services. In 2020, the Ministry of Electronics & Information Technology ranked Fino payments third among banks in facilitating digital transactions in India. According to CRISIL, the company also has the largest network of micro-ATMs and the third-highest deposit growth rate in FY' 2021.
Competitive Strengths:
| Particulars | For the year/period ended (₹ in Millions) | ||||
|---|---|---|---|---|---|
| 30-March-21 | 31-Mar-20 | 31-Mar-19 | |||
| Total Assets | 10,102.91 | 6,240.01 | 6,840.72 | ||
| Total Revenue | 7,910.27 | 6,913.97 | 3,711.21 | ||
| Profit After Tax | 204.74 | (320.36) | (623.84) | ||
[Dilip Davda] The company is a novel technology company in the financial sector. It has established its play and enjoys a niche place. Perhaps due to such status, it is trying its maiden float with fancy pricing which is exorbitant on all counts. Though it has turned the corner for the last three quarters, its carried forward losses remain a major concern. For the last three fiscals, it has posted an average negative earnings and hence it has a negative P/E. Considering all these, risk seeker/cash surplus investors may consider investment for the long term. Read detail review...
The Fino Payments Bank IPO is subscribed 2.03 times on November 2, 2021 5:00:00 PM. The public issue subscribed 5.92 times in the retail category, 1.65 times in the QIB category, and 0.21 times in the NII category. Check Day by Day Subscription Details (Live Status)
Application Wise IPO Subscription (Retail): 4.76 times
| Category | Subscription (times) |
|---|---|
| QIB | 1.65 |
| NII | 0.21 |
| Retail | 5.92 |
| Employee | 0.93 |
| Total | 2.03 |
| Listing Date | November 12, 2021 |
| BSE Script Code | 543386 |
| NSE Symbol | FINOPB |
| ISIN | INE02NC01014 |
| Final Issue Price | ₹577 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹577.00 |
| ₹548.00 |
| ₹510.80 |
| ₹583.35 |
| ₹545.25 |
| NSE |
|---|
| ₹577.00 |
| ₹544.35 |
| ₹511.05 |
| ₹582.95 |
| ₹543.90 |
Fino Payments Bank Limited
Mindspace Juinagar, Plot No Gen 2/1/F, Tower 1,
8th Floor, TTC Industrial Area, MIDC Shirwane,
Juinagar, Navi Mumbai – 400 706
Phone: +91 22 7104 7000
Email: basavraj.loni@finobank.com
Website: https://www.finobank.com/
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: finopayments.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
Fino Payments Bank IPO is a main-board IPO of [.] equity shares of the face value of ₹10 aggregating up to ₹1,200.29 Crores. The issue is priced at ₹560 to ₹577 per share. The minimum order quantity is 25 Shares.
The IPO opens on October 29, 2021, and closes on November 2, 2021.
Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Fino Payments Bank IPO using UPI as a payment gateway. Zerodha customers can apply in Fino Payments Bank IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Fino Payments Bank IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Fino Payments Bank IPO opens on October 29, 2021 and closes on November 2, 2021.
Fino Payments Bank IPO lot size is 25 Shares, and the minimum amount required is ₹14,425.
You can apply in Fino Payments Bank IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Fino Payments Bank IPO will be done on Tuesday, November 9, 2021, and the allotted shares will be credited to your demat account by Thursday, November 11, 2021. Check the Fino Payments Bank IPO allotment status.
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